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; <br />RIESOLUTION N0. 86- 56 <br />INTRODUCED BY: Mayor Carmen & Council as a Whole <br />A RESOLUTION AUTHORIZ ING THE MAYOR AND DIRECTOR OF <br />FINANCE TO EXECUTE A CONTRACT WITH TUDOR INSURANCE <br />COMPANY IN AN AMOUNT NOT TO EXCEED SIX THOUSAND <br />DOLLARS ($6,000.00) FOR AUTOMOBILE LIABILITY <br />INSURANCE FOR THE PERIOD COMMENCING NOVEMBER 7, <br />1986 AND TERMINATING JULY l, 1987 AND DECLARING AN <br />EMERG ENCY. <br />WHEREAS, the municipality currently has in effect a policy <br />of automobile liability insurance with a limit of liability in the <br />amount of Five Hundred Thousanc] Dollars ($500,000e00); and <br />WHEREAS, the Village insurance consultant has recommended <br />that additional coverage with limits in the amount of Five Hundred <br />Thousand Dollars ($500,000.00) be purchased by the municipality in <br />order to have the municipality qualify for an umbrella policy; and <br />WHEREAS, the municipality has been able to obtain a <br />favorable quotation for the purchase of additional insurance as <br />recommended in the amount of Six Thousand Dollars ($6,000.00); and <br />WHEREAS, the additional coverage will terminate on the same <br />date as the existing policy of automobile liability insurance; now, <br />therefore, <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. The Mayor and Director of Finance are hereby <br />authorized and directed to execute a contract of insurance with the <br />Tudor Insurance Company for automobile liability insurance with limits <br />in the amount of Five Hundred Thousand Dollars ($500,000.00) at a <br />premium of Six Thousand Dollars ($6,000.00) to run from November 7, <br />1986 until July 1, 1987. <br />Section 2. That the Council finds and determines that all <br />formal actions of this Council relating to the adoption of this <br />Resolution have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in such <br />formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements including the requirements <br />of Section 121.22 of the Ohio Revised Code. <br />Section 4. This Resolution is hereby declared to be an <br />emergency measure necessary for the immediate preservation of the <br />healtho safety and welfare of the residents of Mayfield Village for <br />the reasons set forth in the preamble hereto. It shall therefore take <br />effect immediately upon passage by the affirmative vote of not less